Lucara says diamond market “healthiest” in years – by Cecilia Jamasmie ( – November 24, 2021)

Lucara Diamond (TSX: LUC) said on Wednesday the global market for rough stones and diamond jewellery has reached a healthy balance thanks to supply improvements and fundamentals. The Vancouver-based miner said it expected the positive trend to continue in years to come and set its 2022 targets accordingly.

Next year, which marks its Karowe mine’s tenth year of operations, Lucara anticipates producing up to 340,000 carats, to be sold through its multi-sales channel approach, which should generate revenues of between $185 million and $215 million.

The figure does not include any estimated contributions of revenue from large, exceptional diamonds that have historically formed a regular part of Karowe’s production profile, the company said.

“The business environment for diamonds and diamond jewellery is the healthiest we’ve seen in several years,” CEO Eira Thomas said in the statement. The diamond market came to a standstill at the height of the covid-19 pandemic, increasing worries that oversupply could hurt the sector for years.

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